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Illegal XRP Exchange Operator Jailed for Eight Years in South Korea

An illegal XRP exchange operator has been sentenced to jail for eight years in South Korea after duping investors out of almost $3.4 million. The unnamed operator stole almost $2 million of the total from one individual, prosecutors explained in a trial at the Seoul High Court. The court upheld the verdict of a Seoul District Court. This court earlier sentenced the operator to 12 years in jail, Namdo Ilbo reported. However, the High Court judge ruled that the operator had taken steps to compensate one of their victims, and so reduced the sentence accordingly. The exchange “advertised” that it had “signed a formal supply agreement with” the XRP token issuer Ripple and Ripple Labs.

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